Recent News
2026-07-20 — Seabridge arranged an unsecured short-term credit facility for up to US$100 million to support summer work programs at the KSM project. 2026-06-24 — Company reported voting results from its June 24, 2026 annual meeting. 2026-06-08 — British Columbia Supreme Court found the EAO’s “substantially started” determination for KSM reasonable and ordered additional consultation; the company also released its 2025 Sustainability Report on June 8. 2026-05-13 — Seabridge filed interim financial statements and MD&A for the quarter ended March 31, 2026 and confirmed KSM’s designation as a provincial priority project.
Technical Analysis
ADX at 15.38 indicates no established trend, limiting conviction for trend-following strategies and pointing instead to range-bound behavior over the immediate horizon.
DI+ sits at 28.66 with a dip-and-reversal pattern, which constitutes a bullish directional cue; DI- at 22.14 and decreasing reinforces that bullish directional shift.
MACD equals 0.55, the MACD line sits above the signal line (-0.12) and the MACD trend shows increasing momentum, indicating a bullish momentum cross that supports further upside attempts in the near term.
MRO equals 4.58 and shows a dip-and-reversal; since MRO is positive, the price sits above the model target, implying mean-reversion pressure that could cap short-term gains despite momentum signals.
RSI at 51.42 and rising reflects neutral-to-slightly-bullish internals without overbought conditions, aligning with momentum signals while leaving room for additional upward movement.
Price sits at $31.25 above the 12-day EMA ($28.20), the 20-day average ($27.34), the 50-day average ($27.73) and the 200-day average ($29.28), which supports near-term bullish bias from moving-average positioning.
Ichimoku components place the price above Senkou A ($29.15) and Senkou B ($29.83), which confirms a bullish cloud breakout context for short-term rallies.
Bollinger positioning places the close above the upper 1x band ($29.61) but below the upper 2x band ($31.89), indicating a move toward the upper volatility envelope rather than an extreme breakout; 42-day beta at 2.75 signals above-average short-term volatility risk.
Volume today (1,004,559) exceeds the 10-day average (659,975) and approaches the 200-day average (956,948), suggesting stronger participation behind the recent price action and validating momentum signals while amplifying volatility risk.
Fundamental Analysis
Liquidity and balance-sheet: cash and short-term investments total $144,648,000 against total debt of $559,098,000 and net debt of $430,550,000; current ratio stands at 6.71, up +28.07% QoQ and down -29.59% YoY, indicating ample near-term liquidity versus current liabilities but meaningful YoY working-capital shifts.
Profitability and cash flow: EBIT ($-8,168,000), EBITDA ($-8,149,000) and net income ($-6,647,000) confirm ongoing operating losses; operating cash flow equals $-17,016,000 and free cash flow equals $-26,607,000, while free-cash-flow yield sits at -0.81% and free cash flow declined QoQ by -52.85%.
Earnings per share missed expectations: actual EPS $-0.09 versus estimate $-0.04, a shortfall of $0.05 or a -125% EPS surprise, underscoring near-term earnings pressure and negative profitability trends (earnings growth YoY -72.73%).
Returns remain negative: return on assets -0.37%, return on equity -0.55% and return on invested capital -0.38%, each deteriorating on a QoQ and YoY basis and reflecting the company’s stage as a project developer rather than an operating cash generator.
Valuation metrics: price-to-book ratio equals 2.72, which sits below the industry peer mean of 4.16 and below the industry peer median of 3.44, indicating a relative discount on a book-value basis; PEG equals 3.49, above the industry peer mean of 2.02, signaling a higher growth-adjusted multiple relative to peer averages. Trailing P/E reads negative (approximately -254x) and forward P/E also negative (approximately -523x), limiting traditional earnings-based valuation comparisons.
Capital allocation and investment: capital expenditures totaled $-22,302,000 while asset growth rate remains modest at +1.81%; invested capital totals $1,760,217,000 and book value per share equals $11.18. Interest income ($971,000) offset modest interest expense ($20,000), but interest coverage appears negative given operating losses.
WMDST values the stock as under-valued based on the balance-sheet strength, P/B discount to the industry peer mean and the company’s progress on permitting and project prioritization, though negative profitability and cash-flow outflows warrant continued financing and project-partner attention.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-13 |
| NEXT REPORT DATE: | 2026-08-12 |
| CASH FLOW | Begin Period Cash Flow | $ 117.5 M |
| Operating Cash Flow | $ -17.02 M | |
| Capital Expenditures | $ -22.30 M | |
| Change In Working Capital | $ -421.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 9.4 M | |
| End Period Cash Flow | $ 126.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 19.0 K | |
| Depreciation and Amortization | $ 19.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 6.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -8.15 M | |
| EBIT | $ -8.17 M | |
| Operating Income | $ -6.14 M | |
| Interest Income | $ 971.0 K | |
| Interest Expense | $ 20.0 K | |
| Net Interest Income | $ 951.0 K | |
| Income Before Tax | $ -8.19 M | |
| Tax Provision | $ -1.54 M | |
| Tax Rate | 18.82 % | |
| Net Income | $ -6.65 M | |
| Net Income From Continuing Operations | $ -6.65 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ -0.09 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -125.0 % | |
| Forward EPS | $ -0.06 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 231.4 M | |
| Cash and Short-Term Investments | $ 144.6 M | |
| Cash | $ 126.9 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 34.5 M | |
| Net Debt | $ 430.6 M | |
| Total Debt | $ 559.1 M | |
| Total Liabilities | $ 597.1 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -277.71 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.18 | |
| Shares Outstanding | 107.621 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 3.7 B | |
| Enterprise Multiple | -453.018 | |
| Enterprise Multiple QoQ | 646.909 % | |
| Enterprise Multiple YoY | -498.935 % | |
| Enterprise Multiple IPRWA | high: 187.475 mean: 48.223 median: 24.106 low: -210.259 SA: -453.018 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.496 | |
| Asset To Liability | 3.015 | |
| Debt To Capital | 0.317 | |
| Debt To Assets | 0.311 | |
| Debt To Assets QoQ | -8.466 % | |
| Debt To Assets YoY | -11.012 % | |
| Debt To Assets IPRWA | high: 0.661 SA: 0.311 mean: 0.117 median: 0.096 low: 0.0 |
|
| Debt To Equity | 0.465 | |
| Debt To Equity QoQ | -12.839 % | |
| Debt To Equity YoY | -16.978 % | |
| Debt To Equity IPRWA | high: 0.763 SA: 0.465 mean: 0.2 median: 0.158 low: -0.514 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.725 | |
| Price To Book QoQ | -7.136 % | |
| Price To Book YoY | 106.417 % | |
| Price To Book IPRWA | high: 9.819 mean: 4.165 median: 3.436 SA: 2.725 low: -2.763 |
|
| Price To Earnings (P/E) | -253.76 | |
| Price To Earnings QoQ | 260.443 % | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 168.089 median: 44.845 mean: 44.575 low: -165.681 SA: -253.76 |
|
| PE/G Ratio | 3.489 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -523.04 | |
| Forward PE/G | 7.192 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 214.941 median: 77.437 mean: 74.026 SA: 0 low: -21.551 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -1173.789 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 196.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 4.194 | |
| Current Ratio | 6.708 | |
| Current Ratio QoQ | 28.07 % | |
| Current Ratio YoY | -29.587 % | |
| Current Ratio IPRWA | high: 38.502 SA: 6.708 mean: 2.918 median: 2.632 low: 0.002 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -68.609 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | -408.4 | |
| Interest Coverage Ratio QoQ | 79.764 % | |
| Interest Coverage Ratio YoY | -453.334 % | |
| Interest Coverage Ratio IPRWA | high: 273.0 mean: 73.423 median: 37.736 low: -301.909 SA: -408.4 |
|
| Operating Cash Flow Ratio | -0.493 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.809 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -72.727 % | |
| Earnings Growth QoQ | -293.939 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 144.444 % mean: 17.826 % median: 15.079 % SA: -72.727 % low: -145.455 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -26.61 M | |
| Free Cash Flow Yield | -0.812 % | |
| Free Cash Flow Yield QoQ | -52.846 % | |
| Free Cash Flow Yield YoY | -32.837 % | |
| Free Cash Flow Yield IPRWA | high: 4.271 % median: 2.252 % mean: 1.443 % SA: -0.812 % low: -7.734 % |
|
| Free Cash Growth | -53.18 % | |
| Free Cash Growth QoQ | -1673.373 % | |
| Free Cash Growth YoY | 11.109 % | |
| Free Cash Growth IPRWA | high: 172.265 % median: 9.965 % mean: 0.854 % SA: -53.18 % low: -293.325 % |
|
| Free Cash To Net Income | 4.003 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 2.56 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.373 % | |
| Return On Assets QoQ | -85.198 % | |
| Return On Assets YoY | -153.902 % | |
| Return On Assets IPRWA | high: 18.394 % median: 5.448 % mean: 3.861 % SA: -0.373 % low: -12.91 % |
|
| Return On Capital Employed (ROCE) | -0.463 % | |
| Return On Equity (ROE) | -0.006 | |
| Return On Equity QoQ | -85.791 % | |
| Return On Equity YoY | -152.17 % | |
| Return On Equity IPRWA | high: 0.183 median: 0.088 mean: 0.067 SA: -0.006 low: -0.309 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -0.377 % | |
| Return On Invested Capital QoQ | -85.093 % | |
| Return On Invested Capital YoY | -154.956 % | |
| Return On Invested Capital IPRWA | high: 18.445 % median: 7.972 % mean: 6.311 % SA: -0.377 % low: -4.494 % |
|